Chandler Company Chandler Company is owned by Roscoe Chandler and provides appraisal services to individuals and companies wishing to purchase and sell fine art. Chandler Company began business on January 1, 2018, and is just completing its first year of business. Roscoe asks for your help in completing the accounting cycle for the company by assisting with the closing process CHART OF ACCOUNTS Chandler Company General Ledger ASSETS 11 Cash 12 Accounts Receivable 16 Prepaid Insurance 18 Equipment 19 Accumulated Depreciation Equipment REVENUE 41 Fees Earned 42 Rent Revenue 43 Interest Revenue LIABILITIES 21 Accounts Payable 22 Salaries Payable 24 Income Taxes Payable EXPENSES 51 Salaries Expense 52 Selling Expense 53 Income Taxes Expense 54 Depreciation Expense-Equipment 55 Insurance Expense 59 Miscellaneous Expenso EQUITY 31 Roscoe Chandler, Capital 32 Roscoe Chandler, Drawing The final step of the accounting cycle is the closing process. The main goal of this stage of the cycle is to ensure that the balance of each temporary account is returned to zero and that net income is transferred to the owner's capital account. The first step in successfully undertaking the closing process is to understand the difference between a temporary account and a permanent account. Roscoe has some questions about the process. Answer the following questions (1) - (3). 1. If a temporary account has an ending balance of $62,000, what is its beginning balance for the following accounting period? If there is no amount or an amount is zero, enter "O". $0 Points: 1/1 Feedback V Check My Work Review the definition of a temporary account and what happens to it at the end of the accounting period. 2. If a permanent account has an ending balance of $62,000, what is its beginning balance for the following accounting period? $57,000 x Points: 0/1 Chat contain the Cloning Process Journal of Closing Trial Balance Hoon Drewpullow Our Dreams ACCOUNTING UNION al PO . . + NO SURD Selling tot . + SED 1000 + S How or dig PAGE 5 JOURNAL Score: 134/147 ACCOUNTING EQUATION RIPTION POST, REF BET CREDIT SETS LABILITIES EQUITY 71.000.00 Det. 31' Roscoe Chander, Capital Feestarted Fert Interest Reverse Sataries Eigene Selling Experte Exper Depreciation Ergente Equipment Insurance Expense Miscellaneouspelo Dec 31 Roscoe Dunder Capital Roscoe Clandet. Drawing 15.000.00 42200.00 17000.00 100000 1 12 5.000.00 # 15 5000.00 1 Points 23.7 / 26 Post-Closing Trial Balance Shaded celle have foedback The post-closing trial balance shows all the permanent accounts with their updated values after the temporary accounts have been reduced to zero balance for the next accounting cycle. Also, the post-closing trial balance is meant to ensure that debits equal credits post-close. Roscoe is very happy with your work on the closing entries for Chandler Company, and asks if you would prepare a post-closing trial balance for the company. Question not attempted. Score: 0/39 Chandler Company POST-CLOSING TRIAL BALANCE December 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Prepaid Insurance Equipment Accumulated Depreciation-Equipment 6 Accounts Payable 7 Salaries Payable Income Taxes Payable 9 Roscoe Chandler, Capital 10 Totals Points: 0/11 Chandler Company Chandler Company is owned by Roscoe Chandler and provides appraisal services to individuals and companies wishing to purchase and sell fine art. Chandler Company began business on January 1, 2018, and is just completing its first year of business. Roscoe asks for your help in completing the accounting cycle for the company by assisting with the closing process CHART OF ACCOUNTS Chandler Company General Ledger ASSETS 11 Cash 12 Accounts Receivable 16 Prepaid Insurance 18 Equipment 19 Accumulated Depreciation Equipment REVENUE 41 Fees Earned 42 Rent Revenue 43 Interest Revenue LIABILITIES 21 Accounts Payable 22 Salaries Payable 24 Income Taxes Payable EXPENSES 51 Salaries Expense 52 Selling Expense 53 Income Taxes Expense 54 Depreciation Expense-Equipment 55 Insurance Expense 59 Miscellaneous Expenso EQUITY 31 Roscoe Chandler, Capital 32 Roscoe Chandler, Drawing The final step of the accounting cycle is the closing process. The main goal of this stage of the cycle is to ensure that the balance of each temporary account is returned to zero and that net income is transferred to the owner's capital account. The first step in successfully undertaking the closing process is to understand the difference between a temporary account and a permanent account. Roscoe has some questions about the process. Answer the following questions (1) - (3). 1. If a temporary account has an ending balance of $62,000, what is its beginning balance for the following accounting period? If there is no amount or an amount is zero, enter "O". $0 Points: 1/1 Feedback V Check My Work Review the definition of a temporary account and what happens to it at the end of the accounting period. 2. If a permanent account has an ending balance of $62,000, what is its beginning balance for the following accounting period? $57,000 x Points: 0/1 Chat contain the Cloning Process Journal of Closing Trial Balance Hoon Drewpullow Our Dreams ACCOUNTING UNION al PO . . + NO SURD Selling tot . + SED 1000 + S How or dig PAGE 5 JOURNAL Score: 134/147 ACCOUNTING EQUATION RIPTION POST, REF BET CREDIT SETS LABILITIES EQUITY 71.000.00 Det. 31' Roscoe Chander, Capital Feestarted Fert Interest Reverse Sataries Eigene Selling Experte Exper Depreciation Ergente Equipment Insurance Expense Miscellaneouspelo Dec 31 Roscoe Dunder Capital Roscoe Clandet. Drawing 15.000.00 42200.00 17000.00 100000 1 12 5.000.00 # 15 5000.00 1 Points 23.7 / 26 Post-Closing Trial Balance Shaded celle have foedback The post-closing trial balance shows all the permanent accounts with their updated values after the temporary accounts have been reduced to zero balance for the next accounting cycle. Also, the post-closing trial balance is meant to ensure that debits equal credits post-close. Roscoe is very happy with your work on the closing entries for Chandler Company, and asks if you would prepare a post-closing trial balance for the company. Question not attempted. Score: 0/39 Chandler Company POST-CLOSING TRIAL BALANCE December 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Prepaid Insurance Equipment Accumulated Depreciation-Equipment 6 Accounts Payable 7 Salaries Payable Income Taxes Payable 9 Roscoe Chandler, Capital 10 Totals Points: 0/11